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Tamilnad Mercantile Bank Reports Q3 Net Profit of Rs. 284 Crore

<p>For the quarter ending in October–December 2023, the private Tamilnad Mercantile Bank earned a net profit of Rs 284 crore, the bank said on Monday. The bank with its headquarters in Tuticorin declared a net profit of Rs 280 crore during the equivalent quarter of the previous fiscal year.</p>
<p><img decoding=”async” class=”alignnone wp-image-364423″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-tamilnad-mercantile-bank-reports-q3-net-profit-of-rs-284-crore-tamilnad-mercantile.jpg” alt=”theindiaprint.com tamilnad mercantile bank reports q3 net profit of rs 284 crore tamilnad mercantile” width=”1254″ height=”836″ title=”Tamilnad Mercantile Bank Reports Q3 Net Profit of Rs. 284 Crore 12″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-tamilnad-mercantile-bank-reports-q3-net-profit-of-rs-284-crore-tamilnad-mercantile.jpg 510w, https://www.theindiaprint.com/wp-content/uploads/2024/01/theindiaprint.com-tamilnad-mercantile-bank-reports-q3-net-profit-of-rs-284-crore-tamilnad-mercantile-150×100.jpg 150w” sizes=”(max-width: 1254px) 100vw, 1254px” /></p>
<p>The bank’s overall revenue for the reviewed quarter increased to Rs 1,387 crore from Rs 1,173 crore during the same period in the previous year. The bank’s overall revenue for the October–December 2023 quarter increased to Rs 85,185 crore from Rs 78,242 crore during the same period in the previous year.</p>
<p>The bank said in a BSE filing that it has been consistently pushing loans to key sectors, including housing, micro, small, and medium-sized businesses, and agriculture. These sectors now account for 75% of Adjusted Net Bank Credit (ANBC), over the regulatory threshold of 40%. The bank announced that it has launched six branches and a new current account program called the “TMB RERA Current Account” for builders and land developers during the quarter that ended on December 31, 2023. According to the announcement, the bank also introduced two new loan products at that time: “TMB Mini Lap” and “TMB Home Elite.”</p>
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